Can a Will Help Loved Ones Avoid the Probate Process?
For many people, their Last Will and Testament is the foundation of their estate plan. Also known as simply wills, these legal documents have many benefits. They can outline how you want your property distributed after you pass away, name a personal representative who will administer your estate, and appoint a guardian for your minor children. Many people think that a will also helps their loved ones avoid the probate process upon their death. Unfortunately, that is not true. If you want to help your family members avoid the probate process, there are additional steps you must take.
Is Probate Necessary if There is a Will?
Generally speaking, even when a decedent left a will behind, probate is still typically necessary. One of the first steps in probate is to prove the will, or make sure it is valid. A probate judge will ensure the will was properly executed and appropriately signed by the deceased, witnesses, and possibly a Notary Public.
In Florida, a decedent’s will must be filed with the probate court in which the deceased lived within ten days of the death. This places the will in the custody of the court, but this is not the same process as probate. After a valid will is submitted to the court, probate does not happen automatically and surviving loved ones must submit a petition to begin probate.
How to Help Loved Ones Avoid Probate
Although a will alone does not help your loved ones avoid probate, there are other tools you can use to achieve this goal. The most common of these are as follows:
- Trusts: There are many different types of trusts available in Florida but revocable trusts are the most common. Legally, trusts are a separate entity from the grantor, or person who created the trust. As the property within a trust is not technically owned by you, it is not subject to the probate process.
- Jointly-owned property: Probate only manages assets and liabilities in the decedent’s name alone. As such, if property is jointly owned, it does not go through probate but instead, it transfers automatically to the surviving owner.
- Named beneficiaries: There are many different types of accounts that allow you to name a beneficiary. Life insurance policies always have named beneficiaries who will inherit the proceeds upon the policyholder’s death. Additionally, you can also set up a bank account with a payable on death designation. After you pass away, any funds in the account are automatically transferred to the person named. You can do this with stock and brokerage accounts, as well, using a transfer on death designation.
Our Probate Lawyer in Tampa Can Advise You of Legal Strategies
There are many reasons people want to help their loved ones avoid probate. At Messina Law Group, P.A., our Tampa probate lawyer can advise on the strategies that will allow you to do it so things are easier on your family when you pass. Call us today at (813) 492-7798 or chat with us online to request a consultation and to learn more about how we can help.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
